“In England, for example, where the territory is fixed, and they areremitted to the single law of increase of population, the increase of expenditure during the last fifteen years of peace has been only about one and three-quarter per cent. compounded annually. I believe nobody has made a very careful estimate of the rate in our country; our growth has been too irregular to afford data for an accurate estimate. But a gentleman who has given much attention to the subject expressed to me the belief that our expenditures in time of peace have increased about eight per cent. compounded annually. I can hardly believe it; yet I am sure that somewhere between that and the English rate will be found our rate of increase in times of peace. I am aware that such estimates as these are unsatisfactory, and that nothing short of the actual test of experience can determine the movements of our expenditures; but these suggestions which have resulted from some study of the subject, I offer for the reflection of those who care to follow them out.